Over 50s 'can maximise savings with ISAs'

Financial advice website has reminded over 50s to fill up their ISAs in order to avoid unnecessary taxation.

A financial advice service has called for over 50s to make the most of their new cash individual savings account (ISA) allowance in order to avoid paying unnecessary taxes on their savings.

According to new research by, Britons are currently paying out 109 million in tax they could have avoided had they used their maximum annual ISA allowance.

This figure could be set to rise even further if over 50s do not take advantage of the forthcoming increases in cash ISA limits, which come into effect next month.

David Elms, chief executive of, therefore suggested that older people fill their ISAs in order to get the best possible return on their savings.

He said: "It is more important than ever for consumers to be astute when it comes to managing their savings - and make sure they are not paying unnecessary money to the taxman."

This comes after price comparison site uSwitch earlier this week suggested that ISA savings can help to supplement older people's retirement funds.

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